Ceza reports $8B in investment pledges

The Cagayan Economic Zone Authority (Ceza) recorded a more than $8 billion worth of investment pledges last year, the biggest jump in more than two decades.

This is according to Cesa’s yearend report, which was released to reporters on Thursday.

Ceza noted that the pledges came from a mix of projects, such as financial technological companies setting up shop, as well as infrastructure and property projects.

These projects include City Polaris, a  modern satellite city which was estimated to cost $4.5 billion.

It will have hotels, casinos, golf courses, a cyberpark for digital currency and other modern amenities and technological innovations.

There is also a project for an integrated casino resort inspired by South Korea’s Jeju Island, which will be put up by Chinese group Shanghai Jucheng Supply Management. The Chinese firm intends to invest $100 million in this project.

The state-owned firm also reported some P706 million in revenue last year which, it said, was an all-time high. Its net profit amounted to more than P295 million in 2018, reversing the over P64 million in net loss in 2017.